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60% of firms fail to plan for risk

It’s all very well having a business proposal that details plans and projections, but if your company fails to prepare for unexpected events, you’re asking for trouble.

And the Risky Business Report from Allianz Insurance has found that 60 per cent of firms have no plan in place to deal with surprise hurdles – meaning they’re leaving themselves open to failure.

Businesses that are able to anticipate risks are in much better position to overcome potential hurdles and go on to achieve growth, the report shows.

Therefore, if you have your own firm, thinking carefully about what you would do in the event of a fire, weather disasters or if a key members quits – for example – will stand your company in good stead and allow you to pick up the pieces quickly.

“Businesses that are able to anticipate the risks they could face and put into place a plan for how they would manage them should they happen, will be better equipped to continue in the face of adversity,” he said.